Hello traders, Gold in 4-hour timeframe, this analysis is prepared in 4-hour timeframe, but has been published for a better view in 8-hour timeframe.
In this analysis, we examined the d-wave at higher timeframes.
In our opinion, wave d is a flat whose wave is complete and probably wave b is also complete. In any case, we consider the trend to be upward.
In this process, which has formed 5 waves, there are 2 possibilities:
First possibility: first a descent to around 1760 and then an ascent and the creation of a twin floor and then a descent to 1760 and even beyond.
Second possibility: first a descent for the formation of Wave 2, where our maximum target is 1750, and then ascend to the target above 1820.
Note: If the price exceeds 1840 before its decline, it is likely that wave 1 is an extended wave and the hope for correction in this area is very low.
(The best point to enter after breaking the floor of the red channel)
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